This research examines the governance of carbon rights in comparison with 7 other countries, focusing on Vietnam’s carbon markets and Reducing Emissions from Deforestation and Forest Degradation in Developing Countries implementation. Through constitutional theory and comparative analysis, the study explores carbon rights and their governance frameworks. It utilizes surveys, in-depth interviews, and literature reviews to scrutinize governance mechanisms. A comparative analysis of Vietnam with countries such as Australia, New Zealand, Sweden, Brazil, Democratic Republic of Congo, Indonesia, and the Philippines was performed. It highlights differences in legal, institutional, and policy frameworks. Australia and New Zealand, early adopters of carbon rights policies promoting private ownership, have developed strong markets. In contrast, Indonesia and other Global South nations are still evolving their frameworks, with a focus on state-controlled systems that restrict participation and equity. The findings indicate substantial gaps in Vietnam’s carbon rights governance compared to other countries, especially in terms of legal clarity, stakeholder engagement, and policy coherence. Accordingly, this study recommends that Vietnam should adopt a robust legal framework for carbon rights, improve transparency in carbon markets, and integrate Reducing Emissions from Deforestation and Forest Degradation in Developing Countries strategies within broader environmental governance objectives. Vietnam’s carbon rights ought to be designated as national assets to ensure equitable distribution among various forest ownership groups. Benefit-sharing mechanisms could be fashioned following the successful implementation of the Payment for Forest Environmental Services policy. The research concludes that, with these enhancements, Vietnam could emerge as a key player in the global carbon market and effectively leverage Reducing Emissions from Deforestation and Forest Degradation in Developing Countries for sustainable development and climate objectives.

This research examines the governance of carbon rights in comparison with 6 other coun-tries, focusing on Vietnam's carbon markets and REDD+ implementation. Through con-stitutional theory and comparative analysis, the study explores carbon rights and their governance frameworks. It utilizes surveys, in-depth interviews, and literature reviews to scrutinize governance mechanisms. A comparative analysis of Vietnam with countries such as Australia, New Zealand, Brazil, Democratic Republic of Congo, Indonesia, and the Philippines was performed. It highlights differences in legal, institutional, and policy frameworks. Australia and New Zealand, early adopters of carbon rights policies pro-moting private ownership, have developed strong markets. In contrast, Indonesia and other Global South nations are still evolving their frameworks, with a focus on state-controlled systems that restrict participation and equity. The findings indicate substantial gaps in Vietnam's carbon rights governance compared to other countries, especially in terms of legal clarity, stakeholder engagement, and policy coherence. Accordingly, this study recommends that Vietnam should adopt a robust legal framework for carbon rights, improve transparency in carbon markets, and integrate REDD+ strategies within broader environmental governance objectives. Vietnam’s carbon rights ought to be designated as national assets to ensure equitable distribution among various forest ownership groups. Benefit-sharing mechanisms could be fashioned following the successful implementation of the Payment for Forest Environmental Services (PFES) policy. The research concludes that, with these enhancements, Vietnam could emerge as a key player in the global carbon market and effectively leverage REDD+ for sustainable development and climate objectives.